This Is Not The Bottom

This essay applies René Girard's scapegoating theory to crypto market cycles, arguing that each bull market unfolds in two acts separated by a "mimetic crisis" intermezzo and ends with a sacrificial scapegoat. It says the current cycle, whose foundational principle is institutional adoption, is in an intermezzo as of March 2025, with the scapegoat not yet revealed. Candidates it raises include MicroStrategy and its $40 billion Bitcoin bet, with Michael Saylor, and Donald Trump, whose memecoin the essay says "rugged" the market.